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Prices Hurt as China Suspends Weibo Crypto Accounts

China has gone a notch higher in its battle against crypto. A few weeks after cracking down on bitcoin mining and bitcoin transactions, the country […]

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China has gone a notch higher in its battle against crypto. A few weeks after cracking down on bitcoin mining and bitcoin transactions, the country has now taken down crypto-related accounts on the Weibo platform. The shutdown happened over the weekend, leading to an immediate price drop on Saturday.

Weibo is a social media platform that is similar to Twitter. During the weekend, users could not access crypto-related accounts with large followings. Each blocked account had a message stating that it “violates laws and rules.”

The move is seen as a way for the Chinese government to protect the Chinese crypto market from manipulation by crypto enthusiasts and influencers with large followings. The authorities are possibly seeking to forestall the rise of an Elon Musk-like figure in the space that could add to volatility and worries about price manipulation.

China crackdown negative for crypto… and so are weekends

Before the weekend started, bitcoin had received some great news, such as the President of El Salvador stating that he would introduce a bill to make bitcoin the legal tender in the country. However, the uptrend was disrupted after China suspended the Weibo accounts.

Soon after the news, bitcoin retreated to $35,000 after trying to push to around $40k. Over the weekend, a more than 5% decline in crypto prices was reported, with many crypto enthusiasts now believing that weekends have become a ‘dark period’ for crypto. Bitcoin is having a hard time reaching $40,000, and with the increasing regulatory risk, the coin is expected to fall back to around $30,000.

The news did not just affect bitcoin. Looking at data from CoinMarketCap over the weekend, most of the cryptocurrencies were no longer in the ‘green zone’ except for USDC. However, the market seems to be stabilizing. Many still believe that the crypto space has been volatile, and the current price fluctuation is not something to cause worry.

However, the Weibo news is not the only thing that affected the crypto price over the weekend. Elon Musk, who is now being seen as a crypto critic, published a cryptic tweet of bitcoin with a broken heart. The tweet caused another stir in the market and negatively affected crypto prices.

China crypto crackdown steps up a gear

China’s crackdown on the crypto market started back in 2017 but has picked up pace of late. Last month the country banned financial companies from engaging in transactions involving cryptocurrencies. The announcement widened  a previous ban that China had imposed on crypto exchanges. In May, China’s state council also cracked down on bitcoin mining activities, which led to several mining firms’ closure because of heightened regulatory risks.

The Chinese media has also stepped up in warning viewers against crypto trading. In recent weeks, the official Xinhua news agency has increased publications related to crypto-related scams and how people can avoid them. Another news agency also published a report stating that cryptocurrencies are highly unregulated. It also mentioned that they are mostly used in criminal activities such as arms trading, money laundering, and drug dealing.

It is not the end of crypto regulations in China, and more rules are expected to be published in the coming weeks. The tightening up on crypto is thought to be heavily influenced by the great strides China is making as it readies to launch the digital yuan, an official digital currency regulated by the central bank.

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Source: https://insidebitcoins.com/news/prices-hurt-as-china-suspends-weibo-crypto-accounts

Blockchain

Kwenta DeFi Exchange Strives for Independence With New Token

The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

The post Kwenta DeFi Exchange Strives for Independence With New Token appeared first on BeInCrypto.

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The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

Sponsored
Sponsored

In a blog post on June 15, the exchange has explained its motivations for this independence effort and what it means for both Synthetix stakers and Kwenta users.

Kwenta is a rebranded successor to the synth trading interface Synthetix.Exchange, which is powered by the Synthetix DeFi platform.

Sponsored
Sponsored

To help it reach its goal, Kwenta will be launching its own KWENTA token. The new token will have two primary uses according to the blog post. This first use case will be to participate in governance and the second is for funding and long-term profitability.

The path to DeFi independence

Kwenta essentially and exchange for synthetic assets whereas Synthetix is the underlying protocol for generating them. Due to confusion with branding, Synthetix worked with the community to create Kwenta. It describes itself as an interface optimized for zero slippage synth trading.

Synthetix core developers have been working on implementing Layer 2 scaling solutions to the protocol among other things. So Kwenta was essentially lacking in development resources preventing it from reaching its true potential.

“The solution we’ve found is to formalize Kwenta as an independent project operating outside of the Synthetix core contributors.”

The announcement explained that the Kwenta token will be used to bootstrap the community and fuel an early development team. This will be able to lead it towards becoming a self-sustaining platform.

The new token will complement the Synthetix community, it explained, adding value to Kwenta on its path to independence.

There were no details on official launch date other than “We’re aiming for summer” for the synthetic asset exchange.

SNX token update

Synthetix’s native SNX token has gained 11% in the past 24 hours. SNX had reclaimed the psychological $10 price level during Tuesday morning’s Asian trading session.

It has taken a big hit with the rest of the DeFi tokens during the market slump dropping 60% from its mid-May high of $25.

In terms of total value locked, Synthetix has around $2 billion according to DappRadar. This is a 50% decline from its peak in February.

The little known Kwenta exchange is not listed on any of the major analytics websites, but its big independence drive and token launch could change this.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/kwenta-synthetix-defi-exchange-independence-new-token/

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Blockchain

Kwenta DeFi Exchange Strives for Independence With New Token

The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

The post Kwenta DeFi Exchange Strives for Independence With New Token appeared first on BeInCrypto.

Published

on

The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

Sponsored
Sponsored

In a blog post on June 15, the exchange has explained its motivations for this independence effort and what it means for both Synthetix stakers and Kwenta users.

Kwenta is a rebranded successor to the synth trading interface Synthetix.Exchange, which is powered by the Synthetix DeFi platform.

Sponsored
Sponsored

To help it reach its goal, Kwenta will be launching its own KWENTA token. The new token will have two primary uses according to the blog post. This first use case will be to participate in governance and the second is for funding and long-term profitability.

The path to DeFi independence

Kwenta essentially and exchange for synthetic assets whereas Synthetix is the underlying protocol for generating them. Due to confusion with branding, Synthetix worked with the community to create Kwenta. It describes itself as an interface optimized for zero slippage synth trading.

Synthetix core developers have been working on implementing Layer 2 scaling solutions to the protocol among other things. So Kwenta was essentially lacking in development resources preventing it from reaching its true potential.

“The solution we’ve found is to formalize Kwenta as an independent project operating outside of the Synthetix core contributors.”

The announcement explained that the Kwenta token will be used to bootstrap the community and fuel an early development team. This will be able to lead it towards becoming a self-sustaining platform.

The new token will complement the Synthetix community, it explained, adding value to Kwenta on its path to independence.

There were no details on official launch date other than “We’re aiming for summer” for the synthetic asset exchange.

SNX token update

Synthetix’s native SNX token has gained 11% in the past 24 hours. SNX had reclaimed the psychological $10 price level during Tuesday morning’s Asian trading session.

It has taken a big hit with the rest of the DeFi tokens during the market slump dropping 60% from its mid-May high of $25.

In terms of total value locked, Synthetix has around $2 billion according to DappRadar. This is a 50% decline from its peak in February.

The little known Kwenta exchange is not listed on any of the major analytics websites, but its big independence drive and token launch could change this.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/kwenta-synthetix-defi-exchange-independence-new-token/

Continue Reading

Blockchain

Kwenta DeFi Exchange Strives for Independence With New Token

The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

The post Kwenta DeFi Exchange Strives for Independence With New Token appeared first on BeInCrypto.

Published

on

The Synthetix-based Kwenta exchange is branching out on its own as it strives to become the leading decentralized finance (DeFi) trading hub.

Sponsored
Sponsored

In a blog post on June 15, the exchange has explained its motivations for this independence effort and what it means for both Synthetix stakers and Kwenta users.

Kwenta is a rebranded successor to the synth trading interface Synthetix.Exchange, which is powered by the Synthetix DeFi platform.

Sponsored
Sponsored

To help it reach its goal, Kwenta will be launching its own KWENTA token. The new token will have two primary uses according to the blog post. This first use case will be to participate in governance and the second is for funding and long-term profitability.

The path to DeFi independence

Kwenta essentially and exchange for synthetic assets whereas Synthetix is the underlying protocol for generating them. Due to confusion with branding, Synthetix worked with the community to create Kwenta. It describes itself as an interface optimized for zero slippage synth trading.

Synthetix core developers have been working on implementing Layer 2 scaling solutions to the protocol among other things. So Kwenta was essentially lacking in development resources preventing it from reaching its true potential.

“The solution we’ve found is to formalize Kwenta as an independent project operating outside of the Synthetix core contributors.”

The announcement explained that the Kwenta token will be used to bootstrap the community and fuel an early development team. This will be able to lead it towards becoming a self-sustaining platform.

The new token will complement the Synthetix community, it explained, adding value to Kwenta on its path to independence.

There were no details on official launch date other than “We’re aiming for summer” for the synthetic asset exchange.

SNX token update

Synthetix’s native SNX token has gained 11% in the past 24 hours. SNX had reclaimed the psychological $10 price level during Tuesday morning’s Asian trading session.

It has taken a big hit with the rest of the DeFi tokens during the market slump dropping 60% from its mid-May high of $25.

In terms of total value locked, Synthetix has around $2 billion according to DappRadar. This is a 50% decline from its peak in February.

The little known Kwenta exchange is not listed on any of the major analytics websites, but its big independence drive and token launch could change this.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Share Article

Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

Follow Author

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://beincrypto.com/kwenta-synthetix-defi-exchange-independence-new-token/

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Blockchain

Major DeFi Tokens on the Rise as Bitcoin Breaches Above $40000

With Bitcoin going above $40,000, it gives a sizable boost to the leading DeFi tokens such as Aave, Uniswap, and Compound.

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Leading cryptocurrency Bitcoin finally breaches the $40,000 mark on 14th June after weeklong trading below the $35,000 zone. With BTC going on an upwards streak, it gives a sizable boost to the overall crypto market along with major DeFi tokens such as Aave, Uniswap, and Compound.

Aave, Uniswap, and Compound are on the Rise

Over the past 24 hours, the price of Aave, Uniswap, and Compound has increased by roughly 9% with the three tokens hitting the highs in terms of correlation against Bitcoin’s price.

The combined value of all cryptocurrencies is currently at $1.67 trillion, with DeFi tokens sector among the biggest gainers.

For instance, DeFi lending protocol Aave (AAVE) has been up by 10% over the past 24 hours and is currently trading at $325. With a market cap of just above $4 billion, AAVE is currently the fourth largest DeFi asset.

READ  Origin Protocol (OGN) and REEF Technical Analysis: What to Expect?

Earlier this month, the DeFi token reached the number one spot in total value locked (TVL) in the entire sector.

Similarly, Ethereum-based decentralized exchange (DEX) token Uniswap (UNI) is the tenth-largest cryptocurrency by market cap and the largest among DeFi tokens.  With a market cap of $12 billion, the token has skyrocketed above $24 but is still 50% below its all-time high of $44.29 on May 3.

Similarly, the governance token of the Compound Protocol (COMP) has reached $339 earlier today and is currently the fourth largest DeFi token and the 60th-largest crypto asset by market cap.

DeFi Tokens Correlating With Bitcoin’s Price

The price of DeFi tokens largely depends on factors like the correlation with Bitcoin and social media activity. Notably, the latest move has brought an unusually high correlation of AAVE, UNI, and COMP to the price of Bitcoin.

READ  MetaMask Dips Into DeFi By Offering Token Swaps

Besides, various metrics such as the number of active users, trading volumes on DEX, interest per year on lending protocols, the amount deposited in lending protocols, and the number of outstanding loans.

#AAVE #COMP #Compound Protocol #DeFi #DeFi Tokens #UNI #Uniswap

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/major-defi-tokens-on-the-rise-as-bitcoin-breaches-above-40000

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